Bad Day for Bitcoin. Cryptsy finally admitted theft and Mike Hearn tells truth

[gravitate]

You can read that there have been big losses/ thefts in Bitcoin again from an exchange (can we ever have any real security in Crypto?) Then one of the core Devs resigned because bitcoin obviously has got some big hurdles to overcome before it dies. Well personally because of the 2 of these I am down 15 bitcoins to start today. I have sold everything now and I am contemplating knocking crypto on the head for sure. I have lost far more money that I put into it. the bitcoin priice is going to go down devaluing any remaining physical coins I have left.
I am seriously annoyed by my stupidity to play with crypto so much.
Its a massive shame and a blow for bitcoin today. I hope everyone gets a chance to sell their remaining coins for a decent price.

For me I am fulfilling my current orders on physical bitcoins and then we will see where to go from there.

I need a new business me thinks

[1715083418]

1715083418

[1715083418]

1715083418

[1715083418]

1715083418

[1715083418]

1715083418

[1715083418]

1715083418

[pedrog]

Turns out the biggest menace to Bitcoin aren't governments, banks or shady intelligence organizations, but from its own development.

[the_poet]

The bad news have already impacted BTC price...

[Amph]

i'm sure nothing will really, happen, the usual dump becuse of this new drama, and then again the value will surge for the umpteenth time

there were other bad days of bitcoin, and nothing happened, all were depicting, as a catastrophic scenario, yet bitcoin is still here, there is no real competitor for bitcoin

the tech behind it is unprecedent, at best it will remain a niche market, surely it will not die

The bad news have already impacted BTC price...

$30 loss, come on, people are afraid for such thing really? they have not the right to hold then

[gravitate]

i'm sure nothing will really, happen, the usual dump becuse of this new drama, and then again the value will surge for the umpteenth time

there were other bad days of bitcoin, and nothing happened, all were depicting, as a catastrophic scenario, yet bitcoin is still here, there is no real competitor for bitcoin

the tech behind it is unprecedent, at best it will remain a niche market, surely it will not die

The bad news have already impacted BTC price...

$30 loss, come on, people are afraid for such thing really? they have not the right to hold then

3 months ago it was half the current price.. Yeah I am scared of that 

[gravitate]

Well i don't think bitcoin is going anywhere, it defiantly has a purpose. The problem with bitcoin is not bitcoin its the users who are foolish enough not to protect their savings.

I agree bitcoin will stay but the price is gonna go down again and people will lose money again... I have told all my non informed friiends to sell also.. Luckily they still got a decent price.

[the_poet]

The bad news have already impacted BTC price...

$30 loss, come on, people are afraid for such thing really? they have not the right to hold then

I hope it's just a temporary loss, but it might not be.

[okae]

Bad news not only for cryptsy, bad news for his users..., from what i had read they was hacked some months ago, then they start to use all those abusive withdraws etc etc... im happy because i WD everything some time ago

this can happen with any exchange, this was the time of cryptsy, that's one more reason about why we need decentralized exchanges yes or yes.

[wttbs]

Here is the story of Mike Hearn
https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.8cl1xjgdk

should I be worried? I guess so...

should I sell my bitcoins now? Dunno, I wait for now to cool of the "hot" news and see what happens the next 2 weeks.

what about my physical coins? Well, I paid 80% of my physical coin with mined bitcoins, so no loss there and the coins will probably have a collectors value. For the other 20% I maybe have take a loss of the BTC value...

I will be more careful now buying or spending BTC but I still have faith bitcoin will be success or else another cryptocoin will take over (Ethereum, Emercoin, Ripple... we will see)

[cjmoles]

You can read that there have been big losses/ thefts in Bitcoin again from an exchange (can we ever have any real security in Crypto?) Then one of the core Devs resigned because bitcoin obviously has got some big hurdles to overcome before it dies. Well personally because of the 2 of these I am down 15 bitcoins to start today. I have sold everything now and I am contemplating knocking crypto on the head for sure. I have lost far more money that I put into it. the bitcoin priice is going to go down devaluing any remaining physical coins I have left.
I am seriously annoyed by my stupidity to play with crypto so much.
Its a massive shame and a blow for bitcoin today. I hope everyone gets a chance to sell their remaining coins for a decent price.

For me I am fulfilling my current orders on physical bitcoins and then we will see where to go from there.

I need a new business me thinks

I don't blame you at the moment but don't lose faith....There's still a community of loyal and honest bitcoin adopters that aren't motivated primarily by greed and power.  Leverage your investment to protect yourself but don't give up on the project because the good side of the community will prevail....too much has been learned from the project to let it fail!

[gravitate]

Here is the story of Mike Hearn
https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.8cl1xjgdk

should I be worried? I guess so...

should I sell my bitcoins now? Dunno, I wait for now to cool of the "hot" news and see what happens the next 2 weeks.

what about my physical coins? Well, I paid 80% of my physical coin with mined bitcoins, so no loss there and the coins will probably have a collectors value. For the other 20% I maybe have take a loss of the BTC value...

I will be more careful now buying or spending BTC but I still have faith bitcoin will be success or else another cryptocoin will take over (Ethereum, Emercoin, Ripple... we will see)

Brave man last time I held and bad news happened I lost out.. But generally speaking I am not a trader and I always try to limit loss these days. I would probably buy a couple of coins if it reaches like 200 usd mark again. But until then... I will not sell my XRP though now that stuff is useful indeedily Still havent figured out Ether yet but I have a modest sum. Oh wait no I had that in Cryptsy

[mayax]

I love that someone who worked as BTC dev. is admitting what I said since 2-3 years ago.

"a system completely controlled by just a handful of people".

These people are manipulating the price as they want. They own the biggest exchangers(as investors), mining firms and BTC media like Coindesk and others.

Do not believe? Search! You will be "amazed" of what you will find.

Do not say that BTC is decentralized because it's just an illusion.

[franky1]

ok guys.. here is the summary:

drama = price dump
drama= temporary
price dump=temporary

pricedump = temporary opportunity to buy up cheap coins..

after today i dont wont to read another post about people missing out on cheap coins. especially if their bitcointalk account was registered before january 2016. so if in a years time people didnt buy up in january 2016, then just dont make a post whinging about bitcoins price rise. this is your opportunity right now to get bitcoins at 10% discount off the 2 month average..

[Asulect]

$30 loss, come on, people are afraid for such thing really? they have not the right to hold then

This is only the first day.  The damage will probably sip in much longer than that.  But, I do want to buy more if bitcoin drop below 200 again.

[WENGER]

The thing about the whole system that makes Bitcoin as whole is, it was never a perfect one as there's no such thing as an assurance that no exploits will be found or for the matter (hack problems) as there's always a chance, it has been since the start but devs always improve it (that's what I saw couple of past months in YouTube - Can't find the link) so just because someone got affected, doesn't mean it's a nightmare, the possibility was always there and will always be there until the end. You can't find another alternate thing to Bitcoin that it's 100% safe, everything could have it's own problems just like how bank accounts could be hacked on, no matter how the security level is.

[dhimasnk]

yeah, this is bad news. But hopefully bitcoin can survive despite facing various problems

[maku]

$30 loss, come on, people are afraid for such thing really? they have not the right to hold then

This is only the first day.  The damage will probably sip in much longer than that.  But, I do want to buy more if bitcoin drop below 200 again.

Wait, so this news is so dangerous that bitcoin price will be that low? I don't belive it, we had many scams and problems before and bitcoin always survived.
I don't think that Cryptsy theft is any more problematic than Mt.Gox fall ever have been.

[rich93]

Half the alts on Cryptsy were only traded there. Its bankruptcy will kill them all unless the coins held by Cryptsy are returned. Will Big Vern hide China and dump the remaining Cryptsy Bitcoins and the alts trade-able on other exchanges? The SEC is going after some Cryptsy staff which probably includes Big Vern, so he might run.

[Amph]

$30 loss, come on, people are afraid for such thing really? they have not the right to hold then

This is only the first day.  The damage will probably sip in much longer than that.  But, I do want to buy more if bitcoin drop below 200 again.

it won't i see 30 as a very stable value even 350, and in any case those will be drop of few hours day, it will recover quickly

also Mike is just rage quitting because Xt was not approved that's the story

[Boelens]

$30 loss, come on, people are afraid for such thing really? they have not the right to hold then

This is only the first day.  The damage will probably sip in much longer than that.  But, I do want to buy more if bitcoin drop below 200 again.

it won't i see 30 as a very stable value even 350, and in any case those will be drop of few hours day, it will recover quickly

also Mike is just rage quitting because Xt was not approved that's the story

I can see a drop to 300 happening, seems pretty plausible with the current events unfolding and panic selling. Might not recover that quickly honestly, regardless of why he ragequit this is a pretty major blow to bitcoin.